Daily News: August 22, 2013

FOMC Minutes Show Broad Support for Tapering Timeline

Bloomberg reported that minutes from their last meeting show that Fed policy makers considering when to reduce bond buying were “broadly comfortable” with chairman Ben S. Bernanke’s plan to taper this year if the economy strengthens, with a few saying a reduction may be needed soon.

Bloomberg said the FOMC will probably reduce its monthly purchases at its meeting next month, according to 65% of 48 economists in an August 9-13 Bloomberg survey. The median estimate called for a cut to $75 billion each month.

Bloomberg quoted the global chief economist for Deutsche Asset & Wealth Management as saying, “They’ll probably start to taper in September – they know that’s widely anticipated, and they haven’t done anything to deflect those expectations.”

To read the Bloomberg story click here.

To read the FOMC meeting minutes click here.